Vancouver, British Columbia (FSCwire) - GEONOVUS MEDIA CORP. (CSE: GNM) (“GeoNovus” or the “Company”) announces a proposed consolidation (the “Consolidation”) of its common shares (the "Shares") on the basis of up to ten (10) existing Shares for one (1) new Share. Currently, a total of 122,242,724 Shares are issued and outstanding. Accordingly, if put into effect on the basis of ten (10) existing Shares for one (1) new Share, a total of 12,224,272 Shares would be issued and outstanding following the Consolidation, assuming no other change in the issued capital.
According to the Company's Articles, the board of directors of the Company has the ability to approve the Consolidation and the board of directors believes it is in the best interest of the Company to approve the Consolidation. The Consolidation will increase the Company’s flexibility and competitiveness in the market place and make the Company’s securities more attractive to a wider audience of potential investors, thereby resulting in a more efficient market for its Shares.
The Consolidation will affect all shareholders of the Company uniformly and affect all of the Company’s stock options and warrants issued and outstanding at the effective date. At the time of the Consolidation, the number, exchange basis or exercise price of all stock options and warrants issued and outstanding will be adjusted to reflect the Consolidation. The actual adjustment will be made by the Company in consultation with its advisors.
GeoNovus Media Corp is a new digital media company with a focus on motion picture production and distribution, corporate services, music creation and music publishing.
For further information please contact: 604-683-3995 or info@geonovusmedia.com.
ON BEHALF OF THE BOARD
Joe Wowk
Director
CONTACT INFORMATION
Suite 1220 – 789 West Pender Street
Vancouver, British Columbia, V6C 1H2
Telephone (604) 683-3995
Facsimile: 1-604-683-3988
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/geonovus07092015.pdfSource: GeoNovus Media Corp. (CSE:GNM)
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